Some interesting research has been carried out according to Confused.com that reveals, in the last 3 months, 68% of car insurance renewal notices received by motorists show an increase in premiums for the next 12 months cover. Whilst the data relates to normal car insurance it is quite possible that a similar situation arises as far as classic car insurance premiums. In fact, the average increase in premium was £92 per annum.
So, what does this mean for you? Well, it is quite likely that a large number of owners of classic cars also possess the likes of a family saloon car so it is important that motorists shop around for their cover to try to get a better deal. This is particularly important when you also consider that according to Confused.com those motorists who did take the trouble to shop around at renewal were able to save an average of approaching £82 per annum.
Every quarter the above price comparison website publishes its car insurance price index. In the 2nd quarter of 2024 it found that although premiums had fallen by an average of £59 per annum when compared with the 1st quarter of 2024 to an average of £882 per annum, car insurance premiums were still an average of £106 per annum more than a year ago with that equating to an increase of 14%.
It will not come as a surprise to you to read that it is the younger motorist who, on average, pays more for their car insurance than more mature drivers. One of the reasons for this is because they are more likely to be involved in a road traffic accident. An 18 year old is paying, on average, more than any other driver with premiums averaging £2,960 per annum. This is a rise of an average £556 per annum in comparison to a year ago. A 38 year old pays an average of £968 per annum.
Where you live has a large impact upon how much you are charged for your car insurance. For instance, Inner London continues to be the most expensive region with premiums averaging £1,404 per annum. This is an average of £147 per annum more than a year ago. The cheapest region was South West with premiums averaging £571 per annum with this being an average increase of £62 per annum compared to a year ago.
So, if your classic car insurance is shortly coming up for renewal, why not get in contact with us to obtain a no-obligation, competitive quotation. We provide access to an extensive panel of reputable insurers.
